machinery to be valued at 90% less than the book value adjust in final accounts
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Machinery is to be valued at 5%more than its book value .
5. Motor car is revalued at ?15500 . Retiring partner took over motor car at this value.
6. Deepak be paid ?2000 in cash and balance be transferred to his loan a/c .
Show necessary journal entries . Prepare revaluation a/c ,capital a/c and opening balance sheet of continuing partners.
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